INCH CLOTHA DAIRY FACTORY CO. (LTD.)

Clutha Leader, Volume XXIII, Issue 1164, 23 October 1896, Page 6

INCH CLOT HA DAIRY FACTORY CO. (LTD.)

The annual meeting of the above com. pany was held on Monday evening. There were 17 shareholders present, the Chairman of retiring directors, Mr Jas. Smnill, presiding. The annual report was as follows : — The Directors have pleasure in submitting to shareholders the accounts and balance-sheet of the company for the year ending 31st August, 1896, which have been duly verified by the auditor; Your directors regret, however, the absence of a dividend on the paid-up capital, but such a thing^can soarc«ly be looked for while prices for cheese rule so low in the London market and elsewhere ; another cause being a considerable shortage in the quantity of milk received daring the year nnder review. Comparing with the previous year there is a shrinkage of 51,733gal of milkj representing °a deficiency of fully 30 tons of cheese. The deficiency in milk is attributed to several causes, such as the low price of milk now from what it was formerly and the hotter price of other products, also the excessively cold and wet summer which was experienced here last year, the milk being neither present in quantity or quality" The quantity of milk received into tho factory during the year whs 185,733gal of ltlb of milk, yielding 196,500ibs of cheese the greater portion of which was sold in London. The mode of payment for milk decided upon last year — viz., of paying 2d per gallon of lllbs as an advance and whatever available balance to be paid at the end of the season — has boon followed, and the same course shall bn pursued during the ensuing year The retiring directors are Messrs Charles S;n.»:U. John Mosley, and Jo'iu Smith. Tho annitor, Mr llenrj' Cornish, also retires, and it is. with regret the directors learn his refuses re-election. The Chairman in moving tho adaption of tho report regretted vary much they were not- in a position to p»y ,i dividond • and so long as they had so much dubtrthey could not very well do so. They had had a very tough year and before they got fairly started at the beginning of the season their overdraft had gone up to LI3OO, and they had to give a joint and several guarantee to the Bunk. One lot of cheese they sent Home did not sell well brt this was owing to the way in which it was sold, but they sold a lot of loaf cheese locally at 4£d which assisted them greatly. The accident, at the punt also cut of a large supply from the other side of the river. All round there was a shrinkage in the quality as well as in the quantity of the milk. The mode of payment was 2d per gal, and an additional half-penny later on, and he was convinced this was the safest plan to "adopt — they had got into a hole once before through paying more for the milk than the cheese realised. However, he hoped the dairy industry had now reached rock bottom and that it would improve. Their debtor balance last year was L756 12s, while this yaw it was reduced to L6OO 53 lOd. Mr W. S. Mosley seconded the motion... There was likely to be h further shrinkage in the milk supply if the projected creamery went ahead. Mr George Thomson said that outside shareholders did not complain if they did not get a dividend so long as they were reducing their debt. They should not get faint-hearted. They had made mistakes no doubt— in building ships and in not accepting a fair offer for their produce. After some further discussion the motion was carried unanimously. Meesrs P. Rutherford, J. Smith and J. Mosley were elected directors and Mr J. C. Mitchell auditor, and the usual votes of thanks were carried with acclamation. The meeting then considered the proposals from the Dnnedin Meat and Export Co. with reference to amalgamation. After considering the correspondence it was unanimously agreed to decline the proposal.